Oil futures sank Wednesday, hovering near key support levels as it tracked equities and came under pressure from a build in crude inventories in the US. The US Energy Information Administration (EIA) reported commercial crude stocks in the world's largest economy swelled 6.5 million barrels to 416.4 million bbl in the week ended Oct 12. Inventories at the Nymex pricing point of Cushing, Oklahoma, were up 1.7 million bbl at 28.6 million bbl. Oil had already been losing ground, but the sell-off intensified amid a jump in trading volumes immediately after the EIA's report. A significant climb in net crude imports helped explain the build. Gross imports were 218,000 barrels per day higher at 7.6 million b/d, while exports dropped 794,000 b/d to under 1.8 million b/d.
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